TSB loans

TSB have been around for over 200 years and with 631 branches in the UK, they have a large high street presence. As you’d expect from a bank that’s been around for two centuries, TSB offers a wealth of financial products, from current accounts to loans. So if you want money for a holiday, home improvements or just fancy having a bit more cash in your account for some spends, then TSB might be able to help.

What do I get with a TSB loan?

You can borrow anything from £1,000 up to £25,000 – repayments can be made between one and seven years plus you can take up to two repayment holidays a year so you’ve got added flexibility for repayments should you need it. If you do decide to take a repayment holiday, then you’ll still be charged interest which means that you’ll be paying more interest back overall. There are also fixed repayments on this loan which makes it easy to budget as you’ll know exactly how much you need to set aside for your monthly repayments.

The current headline representative offer is 3.2% APR on loans between £7,500 and £14,999 payable over one to five years. Although this APR will only be reserved for those with gold star credit ratings so the APR you’ll get will very much depend on your own circumstances. If you’re worried about your credit rating you can check it for free at one of the credit reference agencies (Experian, Equifax and Callcredit), each one offers either free trials or free access to your credit report, just make sure you cancel your subscription before you get charged if you opt for one of the trials).

Am I eligible and how long until I get my funds?

You have to be 18 or over and be a UK resident to apply for a TSB loan. If you’re an existing customer and have had your TSB account for more than three months then you can apply online, in branch or by phone. If your loan request is approved, then you’ll also see the money in your account immediately (as long as it’s between 9am and 8.30pm, after 8.30pm and the funds will land at 9am the next day). If you aren’t a TSB customer, or your account with them is less than three months old, you can only apply in person or by phone. It’ll also take slightly longer for the money to appear in your designated account – usually two working days.

What else do I need to know?

With their repayment holidays and fixed monthly payments, TSB want to make taking out a loan as stress free as possible, but if you are struggling to meet your repayments then let them know and they’ll try and give you other options to help you.

There are no set-up or arrangement fees for the loan either, so you’re not paying for additional admin. But if you are late on a payment and you haven’t agreed this with TSB then you will be charged a £25 fee.

You can manage your loan online so you should always know where you stand with it. You can also make over payments and repay your loan in full at any time – but you’ll need to agree this with them first. If you make over payments, then your monthly repayments remain fixed but you’ll pay off the loan quicker.

Is a TSB loan the right move for me?

If you already bank with TSB, then taking out a TSB loan could be a good thing – it’ll mean you can manage all your finances in one place and if you do everything online it’ll give you instant visibility of your money.

But that’s not to say TSB loans are the be all and end all of loans – there are plenty to choose from and you might find a better deal elsewhere so do yourself (and your bank balance) a favour and make sure you compare the options out there using our loans comparison service.

All TSB loan details are based on information provided on www.tsb.co.uk data as of 4 November 2016.

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